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Retirement tax questions
@shammersmith48 wrote:
I was not 70 1/2 yrs old until June 24th of 2019.
How do I get past this error message?
You are probably mistaking a pension plan like a 401(k) for an IRA. If reporting on the W-2 in box 12 then you do not enter that anywhere else. Even if you could contribute to a Traditional IRA, the maximum allowed is $7,000.
And it is not the date that you turn 70 1/2, you cannot contribute to a 2019 Traditional IRA if you are 70 1/2 on Dec 31, 2019. (Note that for 2020 and later that age limit has been totally eliminated.)
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 3, 2020
5:26 PM
534 Views